Stocks open on upward note
The stock market turned upward today with encouragement from declining interest rates.
The Dow Jones average of 30 industrials rose 13.78 points to 3,292.47 in the first half-hour of trading. Gainers outpaced losers by about 5 to 3 in nationwide trading of New York Stock Exchange-listed issues, with 739 up, 422 down and 626 unchanged. Volume on the Big Board came to 26.08 million shares as of 10 a.m. on Wall Street.
Interest rates dropped in the bond market today, relieving worries over a recent upswing that lifted yields on long-term Treasury bonds.
Prudential expects big storm tab
Prudential Insurance Co., the nation's biggest insurer, said yesterday it expects to pay more than $1 billion in claims for Hurricane Andrew damage, four times more than it predicted last month.
The insurer, based in Newark, N.J., said it expects more than 35,000 claims from policyholders of its Prudential Property and Casualty Insurance Co. subsidiary. Prudential said it will make a capital infusion of $900 million to the subsidiary.
Natural gas prices rise sharply
Natural gas prices extended their remarkable post-hurricane ascent yesterday, with the contract for October delivery rising 9.7 cents, to $2.743 per 1,000 cubic feet, in the contract's final day of trading on the New York Mercantile Exchange.
Traders said buying strength that developed after Hurricane Andrew temporarily disrupted 5 percent of the nation's natural gas output in late August had evolved beyond bullish sentiment this week, possibly setting the stage for a sharp retreat.
C&P Telephone to give refunds
Chesapeake and Potomac Telephone Co. of Maryland has agreed to refund the state nearly $530,000 for billing overcharges and errors, Gov. William Donald Schaefer announced yesterday.
The refund results from an audit of state phone invoices from June 1, 1985, to Sept. 30, 1991, conducted by ORS Associates Inc., of McLean, Va.
GM subsidiary buys Rouse stock
General Motors Investment Management Corp., a New York-based subsidiary of General Motors that provides investment management services to GM and its subsidiaries, has acquired 5.4 percent, or 2.6 million common shares, of the Rouse Co., a Columbia-based real estate acquisition and development firm.
GM Investment Management purchased the shares from Trizec Investment Corp. Sept. 21 for $12 each in a private placement and holds the stake as an investment, according to a Securities and Exchange Commission filing.